Eco toilet paper challenger Bumboo has cleaned up a £400k crowdfunding round, valuing the startup at £5m.
It has so far raised almost £580k from more than 300 investors, comfortably beating its £400k target and continuing to overfund.
The business, which launched in 2019 and makes toilet paper from bamboo rather than trees, will use the funds to increase its reach in the UK, launch in the US, start B Corp registration and continue product development.
Bumboo generated revenues of £1.6m in 2021, doubling in size from the previous year, boasting a repeat purchase rate of 80% with more than 30,000 customers on its DTC website and about 8,000 using its subscription service.
The business also makes kitchen towels and facial tissues, and plants a tree for each order made.
“With the number of entrants to the eco-friendly paper market increasing, a few early movers have dominated the space,” said co-founder Rob Ingram.
“Bumboo has differentiated itself by obsessing over customer experience and delivering a sustainable product that doesn’t compromise on quality.”
Bumboo is the latest brand in the sustainable toilet paper space to turn to the crowd, with Naked Sprout having raised almost £630k in the summer and Cheeky Panda coming to the end of its latest campaign on Seedrs, so far raising £935k from 1,000 investors. It’s the fifth crowd campaign for Cheeky Panda, having raised more than £12m from 5,000 backers.
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